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Public company info - KWG Group Holdings Limited , 01813.HK

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KWG Group Holdings Limited, 01813.HK - Company Profile
Chairman Kong Jian Min
Share Issued (share) 3,182,000,000
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Property Development
Corporate Profile Business Summary: The Group was involved in the following principal activities in the People’s Republic of China (the “PRC”): property development, property investment, hotel operation. Performance for the year: The revenue amounted to approximately RMB29,742.1 million in 2020, representing an increase of 24.2% from approximately RMB23,942.0 million in 2019. The Group reported profit for the year of approximately RMB6,901.3 million in 2020 (2019: approximately RMB10,056.1 million). Proportionate net profit margin was 14.7% (2019: 25.8%). Earnings per share was RMB210 cents. Business Review: Facing the complicated and volatile external environment and the new challenges posed by the COVID-19 epidemic to the entire industry, the Group adhered to the strategic direction of stable operation and synergistic development. In the main battlefield of business operations, the Group grasped the nettle, faced competition directly, and performed solid works to consolidate its main business. For the innovation and development of different aspects, the Group took the lead and stepped up efforts in digital transformation, continuing to improve organizational capabilities, facilitate diversity and accelerate synergistic development. On 30 October 2020, the Group conducted a spin-off of its subsidiary, namely KWG Living successfully and KWG living was officially listed on the Main Board of the Stock Exchange (Stock Code: 03913.HK). Since then, the Company did not retain any interest in the issued share capital of KWG Living and KWG Living was also not a subsidiary of the Company any more. KWG Living mainly engages in providing property management service to diversified sectors, such as residence, commercial properties and public facilities and also providing commercial operational services to commercial properties, including shopping malls and office building as well. The spin-off will enable more focused business development, strategic planning and better allocation of resources for the Group and KWG Living with respect to their respective businesses. Both the Group and KWG Living will achieve the efficient decision-making process under the separate management structure which will be helpful for seizing emerging business opportunities, especially with a dedicated management team for the Group’s KWG Living to focus on its business development. 2020 was the year when the Group achieved its RMB100 billion milestone target. The Group’s pre-sales amounted to RMB103.6 billion, representing a year-on-year increase of 20%. ASP stood at approximately RMB17,000 per sq.m., similar to that in the corresponding period of 2019. Among the 130 projects currently for sale, analysed by contribution to pre-sales amount, 36% were from Greater-Bay-Area and 36% were from Yangtze-River-Delta Area. When analysed by the ranking of cities, 88% were from tierone and tier-two cities. In 2020, the Group launched brand new projects including Guangzhou The Emerald, Guangzhou Clover Shades, Shenzhen Grand Oasis, Hangzhou Oriental Dawn, Hangzhou Precious Mansion, Suzhou Lunar River, Suzhou Blessedness Seasons, Ningbo Cloud Mansion, Xuzhou Oriental Milestone, Beijing New Chang’an Mansion, Kunming Salar de Uyuni, etc. The projects are differentiated with exquisite geographical location and premium product quality, which have aroused keen interest in the market. Leveraging the Group’s outstanding product forging capabilities, forward-looking strategic layout, stable and promising operating capabilities, and comprehensive operational strengths in diversity and co-ordination, it led to a continuous leap in brand value. In 2020, given the comprehensive strengths of the Group and its business segments, the Group won a number of awards by renowned institutions such as China Index Academy, China Real Estate Association, Guandian and hexun.com: including 2020 China Top 30 Listed Real Estate Enterprises, Top 10 of 2020 China’s Top 100 Property Companies by Profitability, 2020 China’s Top 10 Property Development Companies by Comprehensive Development, 2020 Top 10 PRC Property Companies Listed in Hong Kong by Comprehensive Strengths, 2020 Noteworthy Property Companies in Capital Market, Top 8 in 2020 Top 100 Commercial Property Companies, Top 10 Financially Prudent Model Listed Real Estate Companies, and Outstanding Brands of Chinese Real Estate Products. In 2020, the Group continued to adopt prudent land acquisition strategy in order to obtain premium land reserve for tier-one and tier-two cities, further exploring the core cities in Greater-Bay-Area and Yangtze-River-Delta Area. During the reporting period, the Group successfully acquired 21 projects in cities including Guangzhou, Hangzhou, Suzhou, Chengdu, Jiaxing, Xuzhou, Nantong, Yancheng, Tianjin and Kunming, through tenders, auctions and listings in the public market, joint developments as well as industry injection. The Group obtained premium projects in Jiaxing and Yancheng at lower cost via industry injection and will build up grand complex in the future. The new projects in 2020 totaled 3.32 million sq.m. of gross GFA for a total gross land cost of RMB23.6 billion, and 2.76 million sq.m. of attributable GFA for an attributable land cost of RMB19.4 billion, which increased the gross sellable resources by approximately RMB70 billion. Analysed by amounts of the gross sellable resources, the locations of the newly acquired land still focused in Greater-Bay-Area (accounted for 41%) and Yangtze-River-Delta Area (accounted for 50%) and the tier-one and tier-two cites accounted for 80%, which indicating that the Group’s focused strategy remained unchanged. Both new acquisition attributable ratio and consolidation ratio increased to 82% and 93% respectively. As of 31 December 2020, the Group owned 175 projects in 41 cities across Mainland China and Hong Kong with an attributable land bank of approximately 16.63 million sq.m., gross GFA of approximately 24.42 million sq.m. and gross sellable resources of approximately RMB530 billion, which is sufficient for the Group’s development in the next 3 to 5 years. Under the backdrop of limited scale in urban development, major cities in China have moved from a quantity-driven development stage to an inventory-centric stage, and urban redevelopment will therefore become the new growth model. 2020 was a year in which the Group took comprehensive steps to its urban redevelopment projects. The Group was deeply involved in Guangzhou, Foshan, Shenzhen, and Dongguan, deployed in core urban regions, and achieved new breakthroughs in many urban redevelopment projects. So far, the Group has successfully bidden two urban redevelopment projects: Jishan Village in Tianhe District in Guangzhou, and Shixia Village in Zengcheng District in Guangzhou. 3 projects in Guangzhou have commenced the demolition, which are the Nangang Village, Shuangsha Village and Hongwei Village located in Huangpu District in Guangzhou. The Group accurately interprets the prevailing trend and continues to proceed with the “Three Old Transformation” in order to be benefit from the urban redevelopment policy of Greater-Bay-Area. Currently, the Group has 34 urban redevelopment projects in progress in Guangzhou, Foshan, Shenzhen and Dongguan. The Group has been taking pragmatic actions to accelerate the urban redevelopment and foster robust growth of the cities in Greater-Bay-Area by comprehensively enhancing the radiation and influence of the old reconstruction area, optimizing industrial structure and enhance the comprehensive strengths of the region. Prospects: The year 2021 marks the start of the 14th Five-Year Plan and the centenary anniversary of the CPC. Looking forward into 2021, under the central government’s policy of “housing properties are for living in and not for speculation”, “stability” will be the principal tone of real estate industry development. Under the background of dual control from the “three red lines” policy to the release of the “five categories” of property-related loan, the real estate industry will face new challenges. The 14th FiveYear Plan clearly puts forward the implementation of urban redevelopment action, which will benefit the adjustment and optimization of urban structure, improving the development of cities and transforming the urban development and construction mode, showing great and far-reaching significance to comprehensively improving the quality of urban development, continuously meeting the people’s ever-growing needs for a better life, and promoting sustained and sound economic and social development. China’s large cities have gradually entered the inventory-centric era from incremental era, urban renewal will become a new growth model of urban development. With the introduction of the new policy of centralized land supply in 22 cities and the gradual introduction of future detailed rules, higher requirements have been put forward for the capital channels, land acquisition channels and digital transformation of real estate enterprises. Real estate enterprises with high capital turnover capacity, multiple land acquisition channels, digital transformation in advance and efficient operation capacity will have more advantages thereover. The Group has been following the general trend to set development direction, implementing balanced and stable asset management strategy, and attaching importance to high-quality land reserve. Since its inception, the Group has been exploring opportunities in Greater-Bay-Area and Yangtze-River Delta Area with strong focuses on tier-one and tier-two cities. Currently, the group’s land bank and sellable resources in these two regions account for 58% and 70% of the total land bank and total gross sellable resources respectively. Looking ahead into 2021, the Group will launch a new series — the “ZHEN” projects, including Guangzhou The Landmark Arte, Guangzhou The Beryl, Guangzhou The Lakeside Mansion and Chengdu The Jadeite and other projects. The Group designs products with heart and artistic ingenuity, creating a superior living style. In 2021, the Group’s pre-sales target is set at RMB124 billion. representing a year-on-year increase of 20%. Total sellable resources for 2021 will be RMB205 billion, among which, analyzed by regions, 57% is from Greater-Bay-Area and 26% is from Yangtze-River-Delta Area. When analyzed by the ranking of cities, 53% is from tier-one and 37% from tier-two cities. The stable land investment and expansion, high-quality land reserve and sellable resources, as well as the layout and accelerated transformation of urban redevelopment projects of the Group, will jointly support the Group’s future sales scale to continue to grow steadily. While deeply rooted in real estate development, the Group attaches great importance to the comprehensive and diversified industrial layout. Through many years of development, the Group has realized the synergetic co-existence of diversified businesses in terms of residential, shopping centres, office buildings, hotels, city-industry integration, cultural and tourism, education, and health. The Group’s investment properties are concentrated in the core locations of the tier-one and tier-two cities. In next few years, more commercial properties will be opened successively, bringing sustainable and stable operating cash flow to the Group. Looking forward into the future, the Group will pay more attention to brand value, accelerate digital transformation and continue to enhance professionalism, think hard and infuse soul into products in order to continuously create value for customers!

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